A fall is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C of (2) has formed, a local correction has ended as the second wave ii of C of (2), and the wave iii of C of (2) is forming. If the assumption is correct, the price of the asset will fall to the area of 70.00–62.50. In this scenario, critical stop loss level is 92.40.

Prices for benchmark Brent Crude Oil are trading at 85.00.

Last week, Brent Crude Oil quotes resumed growth within the long-term uptrend and are currently trying to consolidate above 87.50 (Murrey level [4/8]). The uptrend in prices was facilitated by the publication of a number of positive economic data, as well as the persistence of geopolitical tensions in the Middle East.